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(c) the corporation tax (including corporation tax charged by virtue of sections 440 and 441) payable by the company for any accounting period in the specified period, and for this purpose the tax credit comprised in any franked investment income shall be treated as corporation tax payable by the company for the accounting period in which the distribution was received, and

“relevant corporation tax”, in relation to an accounting period, means the corporation tax (other than an amount which by virtue of sections 239, 241, 440 and 441 is to be treated as corporation tax of an accounting period) which, apart from this paragraph, paragraph 18 and section 448, would be chargeable for the accounting period exclusive of the corporation tax chargeable on the part of the company’s profits attributable to chargeable gains for that period, and that part shall be taken to be the amount brought into the company’s profits for that period for the purposes of corporation tax in respect of chargeable gains before any deduction for charges on income, expenses of management or other amounts which can be deducted from or set against or treated as reducing profits of more than one description.

(1) Notwithstanding Chapter 2 of this Part, references in the Tax Acts to distributions of a company, other than any such references in sections 440 and 441, shall be construed so as not to include references to a payment made by a company on the redemption, repayment or purchase of its own shares if the company is an unquoted trading company or the unquoted holding company of a trading group and either—

then, notwithstanding Chapter 2 of this Part, references in the Tax Acts to distributions of a company, other than references in sections 440 and 441, shall be construed so as not to include references to the payment made by the subsidiary.

“relevant corporation tax”, in relation to an accounting period of a company, means the corporation tax which, apart from this section and sections 239, 241, 396B, 420B, 440 and 441, would be chargeable on the company for the accounting period;

(a) this section and sections 239, 241, 420B, 440 and 441, and

(a) this section and sections 239, 241, 440 and 441, and

(2) For the purposes of section 440, the distributions of a company and subject to subsection (3A) the distributions of a company for an accounting period shall be taken to be the aggregate of—

(3A)(a) Where a close company pays a dividend, or makes a distribution, to another close company, the companies may jointly elect, by giving notice to the Collector-General in such manner as the Revenue Commissioners may require, that the dividend, or as the case may be the distribution, is to be treated for the purposes of section 440 as not being a distribution.

(i) for the purposes of section 440 as not being a distribution, and

(5A) (a) For the purposes of sections 440 and 441, but subject to paragraph (b)—

(7) Where a company is subject to any restriction imposed by law as regards the making of distributions, regard shall be had to this restriction in determining the amount of income on which a surcharge shall be imposed under section 440.

(5) Section 440(1) shall not apply in relation to a service company, but subsections (2) to (7) of section 440 shall apply in relation to a surcharge made under this section as they apply in relation to a surcharge made under section 440 with the substitution in subsections (2) and (3) of section 440 of a reference to subsection (4) of this section for the reference to subsection (1) of that section.

(5) Section 440(1) shall not apply in relation to a service company, but subsections (2) to (7) of section 440 shall apply in relation to a surcharge made under this section as they apply in relation to a surcharge made under section 440 with the substitution in subsections (2) and (3) of section 440 of a reference to subsection (4) of this section for the reference to subsection (1) of that section.

(5) Section 440(1) shall not apply in relation to a service company, but subsections (2) to (7) of section 440 shall apply in relation to a surcharge made under this section as they apply in relation to a surcharge made under section 440 with the substitution in subsections (2) and (3) of section 440 of a reference to subsection (4) of this section for the reference to subsection (1) of that section.

(5) Section 440(1) shall not apply in relation to a service company, but subsections (2) to (7) of section 440 shall apply in relation to a surcharge made under this section as they apply in relation to a surcharge made under section 440 with the substitution in subsections (2) and (3) of section 440 of a reference to subsection (4) of this section for the reference to subsection (1) of that section.

(6) (a) Subsections (2), (3), (6) and (7) Subsections (2), (3), (3A), (6) and (7) of section 434 shall apply for the purposes of this section as they apply for the purposes of section 434 or 440, as the case may be.

“relevant corporation tax”, in relation to an accounting period, means the corporation tax which, apart from this section, sections 239, 241, 440, 441, 644B and 827 and paragraph 18 of Schedule 32, would be chargeable for the accounting period exclusive of—

(b) as not forming part of the income of the company for the purposes of calculating a surcharge under section 440.

(i) this section and sections 239, 241, 420B, 440 and 441, and

(3)Section 440 shall not apply to dividends and other distributions of an overseas company which is relevant shipping income of a tonnage tax company.

(b) if but for this subsection section 440 would otherwise apply, it shall not apply to the collective investment undertaking.